- Accenture (ACN) announced it agreed to buy SKS Group. These are the details.
Accenture (ACN) announced it agreed to buy SKS Group, which is a consulting firm that helps banks across Germany, Austria and Switzerland modernize their technology infrastructure and address regulatory requirements using SAP S/4HANA solutions. And the terms of the transaction were not disclosed.
The acquisition will expand Accenture’s technology, consulting and regulatory services capabilities while also enhancing the ability to serve specialized banks like national promotional banks that provide financial and development assistance to local businesses and communities.
Based in Hochheim, Germany, SKS Group’s team of approximately 500 professionals will join Accenture Technology. And the deal encompasses all of SKS Group’s businesses, which support financial institutions in the development, implementation, and operation of SAP solutions for core banking services and analytics. SKS Group also has an extensive suite of risk, regulatory services and compliance capabilities, including its observatory tool which maps regulatory requirements to help banks manage their reporting processes.
SKS Group is Accenture’s latest acquisition in the banking sector following the acquisitions of Allgemeines Rechenzentrum GmbH (ARZ), BCS Consulting, Exton Consulting, and its strategic investment, through Accenture Ventures, in Imburse.
KEY QUOTES:
“SKS Group’s innovative solutions and skills will bolster our ability to transform banks’ core business functions, enabling them to operate more efficiently, make better use of their data and develop new products faster. In addition, SKS Group’s strong capabilities for specialized banks will expand our banking services to new clients.”
- David Cordero, who leads Accenture’s Banking industry group in Europe
“With SKS Group’s deep industry knowledge and technology expertise, we will be in an even stronger position to help banks modernize their legacy technology, manage risk and accelerate growth. As consumers’ banking needs and preferences change, banks’ business models will have to evolve to keep pace and remain relevant.”
- Christina Raab, market unit lead for Accenture in Germany, Austria and Switzerland
“Accenture’s global scale and scope will provide our people with exciting new opportunities to take banks’ digital transformations to the next level, deliver superior customer experiences and improve regulatory reporting processes.”
- Martin Schuhmann, co-founder and managing director of SKS Group
